Greentick Dialogues - Closing on FY 2022-23: Financial Reporting Updates!

Episode Duration:

60 Minutes

Episode Background:

Recently, MCA has notified the Companies (Indian Accounting Standards) Amendment Rules, 2023 to further amend the Companies (Indian Accounting Standards) Rules, 2015, where one of the significant changes relates to ‘material’ accounting policies compared to the erstwhile ‘significant’ accounting policies. On the other hand, ICAI has brought out an “Implementation Guide on Reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014” with an aim to provide detailed guidance on various aspects of the new audit trail reporting requirement (viz. that is reporting on the use of accounting software by a company for maintaining its books of accounts which has a feature of recording audit trail) so that auditors can discharge their duties more efficiently. Next, another major news update is that of NFRA’s circular highlighting instances of non-compliance with Indian Accounting Standards (Ind ASs) on Accounting Policies for measurement of Revenue from Contracts with Customers (Ind AS 115) and Trade Receivables (Ind AS 109).

What shall the episode cover?

With an endeavor to add continuous value to our readers and power your accounting practice, India's first Accounting & Ind-AS Platform “Greentick” (https://greentick.taxsutra.com) is back with its exclusive “subscriber-only” thought leadership series titled “Greentick Dialogues” (where renowned accounting & auditing experts share their views/insights on burning accounting issues/controversies). In this context, we bring to you an episode on “Closing on FY 2022-23: Financial Reporting Updates" with Accounting & Auditing Expert Mr. Santosh Maller (Chartered Accountant).

Key Highlights:

In this episode, Mr. Maller covered the following:

- Key considerations and reminders for closing FY 2022-23
- Amended Ind AS standards effective from 1 April 2023
- Q&As